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OTHER COMPREHENSIVE INCOME | 6 Months Ended
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Dec. 30, 2023
Other Comprehensive Income (Loss), Net of Tax [Abstract] |
OTHER COMPREHENSIVE INCOME | OTHER COMPREHENSIVE INCOME Comprehensive income is net earnings plus certain other items that are recorded directly to shareholders’ equity, such as foreign currency translation adjustment, changes in marketable securities, amounts related to certain hedging arrangements and amounts related to pension and other postretirement plans. Comprehensive income was $552.3 million and $527.8 million for the second quarter of fiscal 2024 and fiscal 2023, respectively. Comprehensive income was $981.5 million and $764.1 million for the first 26 weeks of fiscal 2024 and fiscal 2023, respectively. A summary of the components of other comprehensive income (loss) and the related tax effects for each of the periods presented is as follows:
|  |  | 13-Week Period Ended Dec. 30, 2023
| Location of Expense (Income) Recognized in Net Earnings |  | Before Tax Amount |  | Tax |  | Net of Tax Amount
|  |  | (In thousands)
Pension and other postretirement benefit plans: |  |  |  |  |  |  |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of prior service cost | Other expense, net |  | $ | 195 |  |  | $ | 49 |  |  | $ | 146 |
Amortization of actuarial loss, net | Other expense, net |  | 6,676 |  |  | 1,665 |  |  | 5,011 |
Total reclassification adjustments |  |  | 6,871 |  |  | 1,714 |  |  | 5,157 |
Foreign currency translation: |  |  |  |  |  |  |
Foreign currency translation adjustment | N/A |  | 163,084 |  |  | — |  |  | 163,084 |
Marketable securities: |  |  |  |  |  |  |
Change in marketable securities (1) | N/A |  | 4,359 |  |  | 915 |  |  | 3,444 |
Hedging instruments: |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassification adjustments: |  |  |  |  |  |  |
Change in excluded component of fair value hedge | Other expense, net |  | 210 |  |  | 52 |  |  | 158 |
Change in cash flow hedges | Operating expenses (2) |  | (25,031) |  |  | (4,806) |  |  | (20,225) |
Change in net investment hedges | N/A |  | (22,361) |  |  | (5,620) |  |  | (16,741) |
Total other comprehensive (loss) before reclassification adjustments |  |  | (47,182) |  |  | (10,374) |  |  | (36,808) |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of cash flow hedges | Interest expense |  | 2,893 |  |  | 723 |  |  | 2,170 |
Total other comprehensive income (loss) |  |  | $ | 130,025 |  |  | $ | (7,022) |  |  | $ | 137,047 |
(1) | Realized gains or losses on marketa ble securities are presented within other (income) expense, net in the consolidated results of operations; however, there were no significant gains or losses realized in the second quarter of fiscal 2024.
(2) | Amount partially impacts operating expense for fuel swaps accounted for as cash flow hedges.
|  |  | 13-Week Period Ended Dec. 31, 2022
| Location of Expense (Income) Recognized in Net Earnings |  | Before Tax Amount |  | Tax |  | Net of Tax Amount
|  |  | (In thousands)
Pension and other postretirement benefit plans: |  |  |  |  |  |  |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Net actuarial gain, arising in the current year | Other expense, net |  | $ | (89,851) |  |  | $ | (22,463) |  |  | $ | (67,388) |
Settlements | Other expense, net |  | 315,455 |  |  | 78,864 |  |  | 236,591 |
Total other comprehensive income before reclassification adjustments |  |  | 225,604 |  |  | 56,401 |  |  | 169,203 |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of prior service cost | Other expense, net |  | 99 |  |  | 25 |  |  | 74 |
Amortization of actuarial loss, net | Other expense, net |  | 7,500 |  |  | 1,872 |  |  | 5,628 |
Total reclassification adjustments |  |  | 7,599 |  |  | 1,897 |  |  | 5,702 |
Foreign currency translation: |  |  |  |  |  |  |
Foreign currency translation adjustment | N/A |  | 241,814 |  |  | — |  |  | 241,814 |
Marketable securities: |  |  |  |  |  |  |
Change in marketable securities (1) | N/A |  | 1,511 |  |  | 317 |  |  | 1,194 |
Hedging instruments: |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassification adjustments: |  |  |  |  |  |  |
Change in cash flow hedges | Operating expenses (2) |  | 1,189 |  |  | 986 |  |  | 203 |
Change in net investment hedges | N/A |  | (44,999) |  |  | (11,250) |  |  | (33,749) |
Total other comprehensive (loss) before reclassification adjustments |  |  | (43,810) |  |  | (10,264) |  |  | (33,546) |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of cash flow hedges | Interest expense |  | 2,893 |  |  | 723 |  |  | 2,170 |
Total other comprehensive income |  |  | $ | 435,611 |  |  | $ | 49,074 |  |  | $ | 386,537 |
(1) | Realized gains or losses on marketable securities are presented within other (income) expense, net in the consolidated results of operations; however, there were no significant gains or losses realized in the second quarter of fiscal 2023.
(2) | Amount partially impacts operating expense for fuel swaps accounted for as cash flow hedges.
|  |  | 26-Week Period Ended Dec. 30, 2023
| Location of Expense (Income) Recognized in Net Earnings |  | Before Tax Amount |  | Tax |  | Net of Tax Amount
|  |  | (In thousands)
Pension and other postretirement benefit plans: |  |  |  |  |  |  |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Net actuarial loss, arising in the current year | Other expense, net |  | $ | 672 |  |  | $ | 169 |  |  | $ | 503 |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of prior service cost | Other expense, net |  | 390 |  |  | 98 |  |  | 292 |
Amortization of actuarial loss, net | Other expense, net |  | 13,317 |  |  | 3,324 |  |  | 9,993 |
Total reclassification adjustments |  |  | 13,707 |  |  | 3,422 |  |  | 10,285 |
Foreign currency translation: |  |  |  |  |  |  |
Foreign currency translation adjustment | N/A |  | 54,890 |  |  | — |  |  | 54,890 |
Marketable securities: |  |  |  |  |  |  |
Change in marketable securities (1) | N/A |  | 3,163 |  |  | 664 |  |  | 2,499 |
Hedging instruments: |  |  |  |  |  |  |
Other comprehensive income (loss) before reclassification adjustments: |  |  |  |  |  |  |
Change in excluded component of fair value hedge | Other expense, net |  | 184 |  |  | 46 |  |  | 138 |
Change in cash flow hedges | Operating expenses (2) |  | 9,184 |  |  | 2,261 |  |  | 6,923 |
Change in net investment hedges | N/A |  | (22,361) |  |  | (5,620) |  |  | (16,741) |
Total other comprehensive (loss) before reclassification adjustments |  |  | (12,993) |  |  | (3,313) |  |  | (9,680) |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of cash flow hedges | Interest expense |  | 5,786 |  |  | 1,446 |  |  | 4,340 |
Total other comprehensive income |  |  | $ | 65,225 |  |  | $ | 2,388 |  |  | $ | 62,837 |
(1) | Realized gains or losses on marketable securities are presented within other (income) expense, net in the consolidated results of operations; however, there were no significant gains or losses realized in the first 26 weeks of fiscal 2024.
(2) | Amount partially impacts operating expense for fuel swaps accounted for as cash flow hedges.
|  |  | 26-Week Period Ended Dec. 31, 2022
| Location of Expense (Income) Recognized in Net Earnings |  | Before Tax Amount |  | Tax |  | Net of Tax Amount
|  |  | (In thousands)
Pension and other postretirement benefit plans: |  |  |  |  |  |  |
Other comprehensive income before reclassification adjustments: |  |  |  |  |  |  |
Net actuarial loss, arising in the current year | Other expense, net |  | $ | (89,851) |  |  | $ | (22,463) |  |  | $ | (67,388) |
Settlements | Other expense, net |  | 315,455 |  |  | 78,864 |  |  | 236,591 |
Total other comprehensive income before reclassification adjustments |  |  | 225,604 |  |  | 56,401 |  |  | 169,203 |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of prior service cost | Other expense, net |  | 198 |  |  | 50 |  |  | 148 |
Amortization of actuarial loss, net | Other expense, net |  | 16,686 |  |  | 4,167 |  |  | 12,519 |
Total reclassification adjustments |  |  | 16,884 |  |  | 4,217 |  |  | 12,667 |
Foreign currency translation: |  |  |  |  |  |  |
Foreign currency translation adjustment | N/A |  | 9,632 |  |  | — |  |  | 9,632 |
Marketable securities: |  |  |  |  |  |  |
Change in marketable securities (1) | N/A |  | (2,701) |  |  | (567) |  |  | (2,134) |
Hedging instruments: |  |  |  |  |  |  |
Other comprehensive (loss) before reclassification adjustments: |  |  |  |  |  |  |
Change in cash flow hedges | Operating expenses (2) |  | (34,820) |  |  | (8,633) |  |  | (26,187) |
Change in net investment hedges | N/A |  | (13,653) |  |  | (3,413) |  |  | (10,240) |
Total other comprehensive (loss) before reclassification adjustments |  |  | (48,473) |  |  | (12,046) |  |  | (36,427) |
Reclassification adjustments: |  |  |  |  |  |  |
Amortization of cash flow hedges | Interest expense |  | 5,767 |  |  | 1,442 |  |  | 4,325 |
Total other comprehensive income |  |  | $ | 206,713 |  |  | $ | 49,447 |  |  | $ | 157,266 |
(1) | Realized gains or losses on marketable securities are presented within other (income) expense, net in the consolidated results of operations; however, there were no significant gains or losses realized in the first 26 weeks of fiscal 2023.
(2) | Amount partially impacts operating expense for fuel swaps accounted for as cash flow hedges.
The following tables provide a summary of the changes in accumulated other comprehensive (loss) income f or the periods presented:
| 26-Week Period Ended Dec. 30, 2023
| Pension and Other Postretirement Benefit Plans, net of tax |  | Foreign Currency Translation |  | Hedging, net of tax |  | Marketable Securities, net of tax |  | Total
| (In thousands)
Balance as of Jul. 1, 2023 | $ | (839,541) |  |  | $ | (374,290) |  |  | $ | (31,966) |  |  | $ | (6,793) |  |  | $ | (1,252,590) |
Net actuarial loss arising in the current year | 503 |  |  | — |  |  | — |  |  | — |  |  | 503 |
Equity adjustment from foreign currency translation | — |  |  | 54,890 |  |  | — |  |  | — |  |  | 54,890 |
Amortization of cash flow hedges | — |  |  | — |  |  | 4,340 |  |  | — |  |  | 4,340 |
Change in net investment hedges |  |  |  |  | (16,741) |  |  |  |  | (16,741) |
Change in excluded component of fair value hedge | — |  |  | — |  |  | 138 |  |  | — |  |  | 138 |
Change in cash flow hedge | — |  |  | — |  |  | 6,923 |  |  | — |  |  | 6,923 |
Amortization of unrecognized prior service cost | 292 |  |  | — |  |  | — |  |  | — |  |  | 292 |
Amortization of unrecognized net actuarial losses | 9,993 |  |  | — |  |  | — |  |  | — |  |  | 9,993 |
Change in marketable securities | — |  |  | — |  |  | — |  |  | 2,499 |  |  | 2,499 |
Balance as of Dec. 30, 2023 | $ | (828,753) |  |  | $ | (319,400) |  |  | $ | (37,306) |  |  | $ | (4,294) |  |  | $ | (1,189,753) |
| 26-Week Period Ended Dec. 31, 2022
| Pension and Other Postretirement Benefit Plans, net of tax |  | Foreign Currency Translation |  | Hedging, net of tax |  | Marketable Securities |  | Total
| (In thousands)
Balance as of Jul. 2, 2022 | $ | (1,011,335) |  |  | $ | (501,517) |  |  | $ | 35,770 |  |  | $ | (4,972) |  |  | $ | (1,482,054) |
Net actuarial loss arising in the current year | (67,388) |  |  | — |  |  | — |  |  | — |  |  | (67,388) |
Settlements | 236,591 |  |  | — |  |  | — |  |  | — |  |  | 236,591 |
Equity adjustment from foreign currency translation | — |  |  | 9,632 |  |  | — |  |  | — |  |  | 9,632 |
Amortization of cash flow hedges | — |  |  | — |  |  | 4,325 |  |  | — |  |  | 4,325 |
Change in net investment hedges | — |  |  | — |  |  | (10,240) |  |  | — |  |  | (10,240) |
Change in cash flow hedges | — |  |  | — |  |  | (26,187) |  |  | — |  |  | (26,187) |
Amortization of unrecognized prior service cost | 148 |  |  | — |  |  | — |  |  | — |  |  | 148 |
Amortization of unrecognized net actuarial losses | 12,519 |  |  | — |  |  | — |  |  | — |  |  | 12,519 |
Change in marketable securities | — |  |  | — |  |  | — |  |  | (2,134) |  |  | (2,134) |
Balance as of Dec. 31, 2022 | $ | (829,465) |  |  | $ | (491,885) |  |  | $ | 3,668 |  |  | $ | (7,106) |  |  | $ | (1,324,788) |

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//220/tableOfContent + Details
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